Fields, 56, will be replaced by 62-year-old Jim Hackett, who runs the ‘smart mobility’ unit that oversees work on autonomous vehicles.

Ford’s shares have fallen by 37 per cent since Fields became chief executive on July 1, 2014, and it has been outpaced by both new and traditional rivals. In April, Tesla overtook Ford and General Motors to become the most valuable player in the American auto industry – despite selling 30 times fewer cars than Ford.

The electric car maker, which is backed by billionaire Elon Musk, delivered 25,000 vehicles in the first three months of the year, while Ford sells 236,000 a month. It is worth £39bn compared to Ford’s £34bn.

Most crucially, earlier this month Tesla boss Musk – who is paid just £28,800 a year because of his fortune in shares – revealed that driverless cars reliable enough for people to sleep in were just two years away from becoming reality.

Ford doesn’t plan to sell its first autonomous car until 2021. Shareholders were given the opportunity to voice their grievances at the car maker’s annual general meeting two weeks ago. One investor called the performance ‘pathetic’ and questioned how the board could continue to support Fields.

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Fields, who took home £17m last year, including £224,000 towards the use of a private jet, came under fire for failing to expand the company’s core business and for lagging in developing the high-tech cars of the future.

Hackett will now lead Ford’s worldwide operations and 202,000 employees globally.

He has a reputation as a cost-cutter and previously served as chief executive of furniture giant Steelcase.

The decision to replace Fields did not result from a single event, Bill Ford, chairman and great-grandson of Ford founder Henry Ford, suggested yesterday.

‘There is no smoking gun here,’ he added. ‘It’s more the way we are organised, the way Jim is going to streamline the organisation.

‘He’s a true visionary who brings a unique, human-centred leadership approach to our culture, products and services that will unlock the potential of our people and our business.’

Hackett said: ‘I am so excited to work with Bill Ford and the entire team to create an even more dynamic and vibrant Ford that improves people’s lives around the world.

‘I have developed a deep appreciation for Ford’s people, values and heritage during the past four years as part of the company and look forward to working together with everyone tied to Ford during this period.’